A summary of stock option activity for the three months ended March 31, 2025 is as follows:


	Number Outstanding		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance as of January 1, 2025		444,460	$	4.36		1.43	$	—
Granted		—		—
Cancelled or Expired		—		—
Exercised		—		—
Balance as of March 31, 2025		444,460	$	4.36		1.18	$	—
Vested or expected to vest as of March 31, 2025		444,460	$	4.36		1.18	$	—
Exercisable as of March 31, 2025		444,460	$	4.36		1.18	$	—

The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s common stock as of March 31, 2025 and the exercise price of in-the-money stock options multiplied by the number of such stock options. As of March 31, 2025, there was no unrecognized stock-based compensation expense related to stock options.

The following is a summary of RSU activity for the three months ended March 31, 2025:


	Number Outstanding			Weighted Average Fair Value
Unvested as of January 1, 2025		806,985		$	6.31
Granted		151,500			3.51
Vested		(54,052	)		8.14
Forfeited		(50,410	)		7.14
Unvested as of March 31, 2025		854,023		$	5.65
RSUs vested but not released		130,394		$	6.64

The fair value of the Company’s RSUs is calculated based upon the fair market value of the Company’s common stock at the date of grant. As of March 31, 2025, there was $3.7 million of unrecognized compensation expense related to unvested RSUs granted, which is expected to be recognized over a weighted average period of 2.17 years. No tax benefit was realized from RSUs for the three months ended March 31, 2025.

The Company grants to certain key employees PSUs that are subject to the attainment of performance goals established by the Company’s Compensation Committee, the periods during which performance is to be measured, and other limitations and conditions. Performance goals are based on pre-established objectives that specify the manner of determining the number of PSUs that will vest if performance goals are attained. If an employee terminates employment, the non-vested portion of the PSUs will not vest and all rights to the non-vested portion terminate.

The following is a summary of PSU activity for the three months ended March 31, 2025:


	Number Outstanding			Weighted Average Fair Value
Unvested as of January 1, 2025		417,500		$	4.07
Granted		20,000			3.51
Vested		(105,000	)		4.07
Forfeited		—			—
Unvested as of March 31, 2025		332,500		$	4.04

As of March 31, 2025, there was $1.1 million of unrecognized compensation expense related to unvested PSUs, which is expected to be recognized over a period of 0.75 years. No tax benefit was realized from PSUs for the three months ended March 31, 2025.

The following table summarizes stock-based compensation expense related to stock options, RSUs and PSUs included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of revenue	$	5	$	7
Research and development		20		34
Selling and marketing		59		118
General and administrative		712		360
Stock-based compensation expense - continuing operations		796		519
Stock-based compensation expense - discontinued operations		—		500
Total	$	796	$	1,019

During the three months ended March 31, 2025 and 2024, the Company repurchased 47,538 and 32,608 shares, respectively, of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of RSUs issued to employees.